A $6.3 Billion Hack Tested Bitcoin’s Bull Market. 3 Signs It Passed

Binance suffered a record crypto hack on October 29, draining about $6.3 billion from 10 blockchains; it pledged to cover all losses and began phased withdrawals on November 1. Bitcoin ended that week down 2.9%, versus a 25% drop after the 2022 FTX collapse, and posted a seventh straight weekly close above its 50-week moving average; it traded at $78,307, above $75,602. October fell 7.32% after a 43% July-September gain, while its 14-month relative strength index, a momentum gauge where above 50 means gains outweighed losses, stayed above 50 for a third month. US spot Bitcoin ETFs lost $643.33 million on October 30, leaving the average holder’s cost basis near $82,308 and Bitcoin 4.9% below it before November 3 midterms.